Steele Properties, in partnership with the Dallas Housing Finance Corp. (DHFC), announced the $57.7 million acquisition and rehabilitation of Ridgecrest Terrace Apartments, a 250-unit project-based Section 8 community in Dallas.
This marks Steele’s sixth acquisition in the Dallas-Fort Worth metroplex and 17th property in Steele’s Texas portfolio. Monroe Group, Steele’s sister company, will oversee property management at the project.
This project is financed with 4% low-income housing tax credits allocated by the Texas Department of Housing and Community Affairs (TDHCA), tax-exempt bonds issued by DHFC, permanent and construction financing provided by KeyBank, and tax credit equity provided by CREA.
Built in 1969, Ridgecrest Terrace will receive more than $77,000 per unit in hard cost renovations. The scope of the rehabilitation is extensive, encompassing both exterior and interior work, according to the developers.
Important building improvements include new roofs, paint, central heating and air conditioning systems, sewer repair, and major plumbing and electrical upgrades. Project upgrades include parking lot paving, sidewalk repair, new LED lighting, new perimeter fencing, and well as energy-efficiency enhancements. There will also be a new community building with a kitchen and a new computer lab and a renovated leasing and management office.
Renovated apartment units will receive updated kitchens with new appliances, cabinets, and countertops; bathrooms with new vanities, toilets, and tub surrounds; new wood plank flooring; new interior doors and windows; new fixtures; and new plumbing and electrical repairs.
“As our nation continues to face an unprecedented public health crisis, we remain focused on preserving much-needed affordable housing for our most vulnerable citizens,” said David Asarch, partner at Steele Properties. “The preservation and rehabilitation of 250 affordable homes at Ridgecrest Terrace is critical in this effort. We thank our partners DHFC, the Department of Housing and Urban Development, TDHCA, CREA, and KeyBank that share our commitment to ensuring everyone has access to safe, comfortable, and quality housing they can afford.”
